RVC announce that Avidity Biosciences has successfully closed its round C of investment. Avidity Biosciences, a startup company majoring in biotech based on the discovery of pioneering medicines through partnering with large pharmaceutical companies. Avidity considers as one of the most successful investments in RVC portfolio. RVC had previously invested in Avidity Biosciences in 2017.
The financing was led by RTW Investments and included new investors Cormorant Asset Management, LP, CureDuchenne, Logos Capital, Perceptive Advisors LLC and ST Pharm. Eli Lilly and Company contributed to the financing in connection with the research collaboration between Lilly and Avidity.
“Using our AOC platform, we can unlock new potential for RNA therapeutics by efficiently targeting muscle and immune cells. These funds will enable Avidity to advance our growing proprietary portfolio of multiple programs, including our AOC treatment of myotonic dystrophy type I, to treat serious muscle disorders.” said Sarah Boyce, the newly appointed president and CEO of Avidity Biosciences.
“The Riyadh Valley Company had previously invested in Avidity Biosciences, because of its belief in the importance of the health care sector and its potential.” says Dr. Khalid Al-Saleh, CEO of RVC, “The success of series C round is an indicator of the investors’ conviction of the company’s capabilities to expand and grow. “The pharmaceutical industry and the volume of spending on medicines are witnessing remarkable growth, and expectations indicate that this growth will continue for the coming years.”
For more information about Avidity, please visit the company website: www.aviditybiosciences.com/